Binance CEO Changpeng Zhao, also known as CZ, swiftly quashed rumors concerning the company's recent regulatory activities in France, characterizing them as "FUD," a popular acronym in the crypto community standing for fear, uncertainty and doubt.
The move follows reports that the cryptocurrency exchange, the world's largest and home to the fourth biggest cryptocurrency by market cap, was under investigation by French authorities for alleged illegal practices, including potential money laundering.
In a series of tweets, CZ underscored that surprise inspections of regulated businesses, such as banks and cryptocurrency platforms, are standard practice in France.
Gamza KhanzadaevFurther clarification on the matter was provided via Binance's official Twitter account. The statement confirmed that onsite visits by regulators and inspectors are part of the regulatory obligations for all financial institutions in France.
Binance emphasized its full collaboration during the recent inspection, underscoring its continued commitment to working closely with regulators and law enforcement agencies to meet all ongoing compliance requirements.
Dan Burgin
Vladislav Sopov